WE PROVIDE CASE STUDY ANSWERS, ASSIGNMENT SOLUTIONS, PROJECT REPORTS AND THESIS
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QUANTITATIVE METHODS
1. What is a linear programming problem? Discuss the scope and role of linear programming in solving management problems. Discuss and describe the role of linear programming in managerial decision-making bringing out limitations, if any.
2. Explain the concept and computational steps of the simplex method for solving linear programming problems. How would you identify whether an optimal solution to a problem obtained using simplex algorithm is unique or not?
a) What is the difference between a feasible solution, a basic feasible solution, and an optimal solution of a linear programming problem?
b) What is the difference between simplex solution procedure for a `maximization’ and a `minimization’ problem?
c) Using the concept of net contribution, provide an intuitive explanation of why the criterion for optimality for maximization problem is different from that of minimization problems.
Outline the steps involved in the simplex algorithm for solving a linear programming maximization problem. Also define the technical terms used therein.
3. ``Linear programming is one of the most frequently and successfully employed Operations Research techniques to managerial and business decisions.’’ Elucidate this statement with some examples.
4. Describe the transporation problem and give its mathematical model. Explain, by taking an illustration, the North-West Corner Rule, the Least Cost Method and the Vogel’s Approximation Method to obtain the initial feasible solution to a transportation problem. Discuss the various methods of finding initial feasible solution of a transportation problem and state the advantages, disadvantages, and areas of application for them.
5. What is an assignment problem? It is true to say that it is a special case of the transportation problem? Explain. How can you formulate an assignment problem as a standard linear programming problem? Illustrate. What do you understand by an assignment problem? Give a brief outline for solving it.
6. What are different types of inventories? Explain. What functions does inventory perform? State the two basic inventory decisions management must make as they attempt to accomplish the functions of inventory just described by you.
7. What is queuing theory? What type of questions are sought to be answered in analyzing a queuing system? Give a general structure of the queuing system and explain. Illustrate some queuing situations. What is queuing theory? In what types of problem situations can it be applied successfully? Discuss giving examples.
8. What is a replacement problem? Describe some important replacement situations and policies. Briefly explain the costs which are relevant to decisions for replacement of depreciable assets. Illustrate their behavior and explain how the optimal time for replacement of an asset can be determined.
9. What kinds of decision-making situations may be analysed using PERT and CPM techniques? State the major similarities between PERT and CPM. Under what circumstances is CPM a better technique of project management than PERT? A construction company has received a contract to build an office
complex. It has frequently engaged itself in constructing such buildings. Which of the two network techniques, PERT and CPM, should in your opinion, be employed by the company? Why?
10. Describe the steps involved in the process of decision making. What are payoff and regret functions? How can entries in a regret table be derived from a pay-off table?
11. What do you understand by Markov processes? In what areas of management can they be applied successfully? What do you understand by transition probabilities? Is the assumption of stationary transition probabilities realistic, in your opinion? Why or why not?
12. Explain how the probability tree helps to understand the problem of Markov processes. Explain the method of calculation of ending up in each absorbing state when a chain beings in a particular transient state. What is fundamental matrix of Markov chains? What does it calculate?
13. What is simulation? Describe the simulation process. State the major two reasons for using simulation to solve a problem. What are the advantages and limitations of simulation? ``When it becomes difficult to use an optimization technique for solving a problem, one has to resort to simulation’’. Discuss. Simulation is typically the process of carrying out sampling experiments on
the models of the system rather than the system itself.’’ Elucidate this statement by taking some examples.
14. A company has three offers for its existing equipment in one of the divisions. The first buyer is willing to pay Rs. 50,000 at the end of 8 years’ period. The second buyer offers Rs. 39,000—consisting of an immediate payment of Rs. 14,000 and Rs. 25,000 after 6 years. The third buyer agrees to buy the equipment for Rs. 29,000 payable right away. Which is the best offer for the
company if it can earn an interest @ 8% per annum on the money received?
15. What is the difference between qualitative and quantitative techniques of forecasting. When is a qualitative model appropriate? Briefly discuss the Delphi method of making forecasts.
16. a) How do you distinguish between resource leveling and resource allocation problems? State and explain an algorithm for resource allocation.
b) Explain the following as they are used in PERT/CPM
(i) Beta distribution, and (ii) Budget over-run.
17. The following table gives data on normal time and cost, and crash time and cost for a project.
`Duration (Weeks) Total Cost (Rs) Activity
i) Draw the network and find out the critical path and the normal project duration.
ii) Find out the total float associated with each activity.
iii) If the indirect costs are Rs. 100 per week, find out the optimum duration by crashing and the corresponding project costs.
iv) With the crash duration indicated, what would be the minimum crash duration possible, ignoring indirect costs?
18. What is a `game’ in game theory? What are the properties of a game? Explain the ``best strategy’’ on the basis of minimax criterion of optimality. Describe the maximin and minimax principles of game theory.
19. Explain the steps involved in solution to dynamic programming problems. Explain the following in the context of dynamic programming:
(a) Stages
(b) States
(c) Pay-off function
(d) Recursive relationship
20. A political campaign for election to the parliament is entering its final stage and pre-poll surveys are medicating a very close contest in a certain constituency. One of the candidates in the constituency has sufficient funds to give five full-page advertisements in four different areas. Based on the polling information, an estimate has been made of the approximate number (in thousands) of additional votes that can be polled in different areas. This is shown below.
QUANTITATIVE METHODS
CASE 1
The bulbs manufactured by a company gave a mean life of 3000 hours with standard
deviation of 400 hours. If a bulb is selected at random, what is the probability it will
have a mean life less than 2000 hours?
Question:
1) Calculate the probability.
2) In what situation does one need probability theory?
3) Define the concept of sample space, sample points and events in context of probability theory.
4) What is the difference between objective and subjective probability?
CASE 2
The price P per unit at which a company can sell all that it produces is given by the
function P(x) = 300 — 4x. The cost function is c(x) = 500 + 28x where x is the number
of units produced. Find x so that the profit is maximum.
Question:
1) Find the value of x.
2) In using regression analysis for making predictions what are the assumptions involved.
3) What is a simple linear regression model?
4) What is a scatter diagram method?
CASE STUDY : 3
Mr Sehwag invests Rs 2000 every year with a company, which pays interest at 10% p.a.
He allows his deposit to accumulate at C.I. Find the amount to the credit of the person
at the end of 5th year.
Question :
1) What is the Time Value of Money concept.
2) What do you mean by present value of money?
3) What is the Future Value of money.
4) What the amount to be credited at the end of 5th year.
CASE STUDY : 4
The cost of fuel in running of an engine is proportional to the square of the speed and is
Rs 48 per hour for speed of 16 kilometers per hour. Other expenses amount to Rs 300
per hour. What is the most economical speed?
Question:
1) What is most economical speed?
2) What is a chi-square test?
3) What is sampling and what are its uses.
4) Is there any alternative formula to find the value of Chi-square?
QUANTITATIVE METHODS
1) A manufacturer o f baby doll s makes three types o f doll s: Doll A , Doll B , and Doll C
Processing o f these doll s i s done on three machines , M1 , M2 and M3 . Doll A requires 2 hours on ma chine M1 and 3 hours on machine M3 .while doll C requires 5 hours on
ma chine M2 and 4 hours on machine M3 . There a re 8 hours o f time per day available on Ma chine M1 , 10 hours o f time available on ma chine M2 and 15 hours o f time per day available on machine M3 , The profit gained from doll A i s R s 3 per doll , from doll B is R s 5 per doll and from doll C is R s 4 per doll .
What should be the daily production o f each type o f doll s? Which ma chine(s) would be idle ac cording to this plan? By how much?
2) Write a note on the economic interpretation o f the dual.
3) Explain the transportation method o f solving a transportation problem . Al so give its schematic .
4) What do you understand by an assignment problem ? Give a brief outline for solving it .
6) Discuss the cu t ting-plane algorithm for solving integer programming problems .
7) How would you u se Gant t Chart for solving sequencing problem? Why i s i t not
employed for solving larger problem ?
8) What are the relevant costs for inventory decision s? How are they obtained in real life situation s?
WE PROVIDE CASE STUDY ANSWERS, ASSIGNMENT SOLUTIONS, PROJECT REPORTS AND THESIS
ARAVIND - 09901366442 – 09902787224
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